Zurich-based provider of catastrophe insurance data PERILS has released its fourth and final industry loss estimate of AUD 1,222 million for 2020’s Halloween Storm in South East Queensland.
This final figure sees PERILS’ estimate rise from the AUD 1,173 million issued in May, six months after the event.
In line with the PERILS event definition, the loss number covers the property and motor lines of business.
PERILS says motor losses contributed 11.9% of the total industry loss, while 88.1% were due to losses in property lines of business.
“Given the severe convective storm activity in October of this year, the industry did not really need a reminder that hail can cause major damage to insured property and cars,” said Darryl Pidcock, Head of PERILS Asia-Pacific.
“This highlights the importance of our final industry loss footprint for last year’s Halloween Storm to support the industry’s understanding of hail vulnerabilities and the calibration of Hail Cat models.
“From a historical perspective, 2020 was an active year for major hailstorms and the season 2021/22 has just begun with a series of hail events along the NSW and QLD coast coinciding with the launch of our new real-time industry loss estimator Hail-Jeannie.
“We will keep monitoring the situation and report on those events if they exceed the PERILS loss capturing trigger of AUD 500m. As always, we thank our insurance partners for making this possible.”
